Kemper initiated with Outperform, named Top Pick at TD Cowen

TD Cowen initiated coverage of Kemper with an Outperform rating and $70 price target. The firm has also named the stock its Top Pick as part of a broader research note on P&C Insurance sector. The company is set to approach or attain underwriting profit, and the magnitude does not seem to be fully appreciated yet, the analyst tells investors in a research note. Kemper should trade at a higher P/E as loss ratios improve and restructuring progresses, the firm added.